Question 1

What is AXT's P/FCF ratio?

Accepted Answer

AXT (AXTI) P/FCF ratio is currently not available. When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for AXT?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For AXT specifically, the relevant sector benchmark is the current sector median of 21.9×.

Question 5

What is AXT's historical P/FCF ratio range?

Accepted Answer

In the available daily series, AXT (AXTI) P/FCF ratio has ranged from a low of 6.4× in 2012 to a high of 110.4× in 2016.

Question 6

What was AXT's P/FCF ratio in 2016?

Accepted Answer

AXT (AXTI) P/FCF ratio at the end of 2016 was 15.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 7

Why does AXT's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.

Question 8

Why is AXT's P/FCF ratio not available?

Accepted Answer

When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.


2025	$731M	-$18.8M	—	—	Dec 31, 2025
2024	$94.1M	-$17.9M	—	—	Dec 31, 2024
2023	$103M	-$7.07M	—	—	Dec 31, 2023
2022	$186M	-$37.2M	—	—	Dec 31, 2022
2021	$368M	-$33M	—	—	Dec 31, 2021
2020	$389M	-$14M	—	—	Dec 31, 2020
2019	$172M	-$9.13M	—	—	Dec 31, 2019
2018	$171M	-$37.3M	—	—	Dec 31, 2018
2017	$337M	-$12.7M	—	—	Dec 31, 2017
2016	$156M	$9.78M	15.9×	—	Dec 31, 2016
2015	$79.2M	-$2.27M	—	—	Dec 31, 2015
2014	$91.2M	$1.85M	49.2×	—	Dec 31, 2014
2013	$85.2M	-$2.92M	—	—	Dec 31, 2013
2012	$90.5M	$14.2M	6.4×	-20.2×	Dec 31, 2012
2011	$134M	$5.03M	26.6×	-45.1×	Dec 31, 2011
2010	$331M	$4.62M	71.6×	+34.6×	Dec 31, 2010
2009	$99.9M	$2.7M	37.0×	—	Dec 31, 2009
2008	$41M	-$12.5M	—	—	Dec 31, 2008
2007	$188M	-$2.39M	—	—	Dec 31, 2007
2006	$141M	-$14.7M	—	—	Dec 31, 2006
2005	$49.2M	-$10.1M	—	—	Dec 31, 2005
2004	$36.5M	-$2.48M	—	—	Dec 31, 2004
2003	$71.4M	$4.09M	17.4×	—	Dec 31, 2003
2002	$40.3M	-$13.5M	—	—	Dec 31, 2002


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P/FCF Ratio for AXT (AXTI) 2003-2026

P/FCF Ratio daily chart for AXT (AXTI)

Historical P/FCF Ratio for AXT (AXTI) from 2002 to 2025

About P/FCF Ratio at AXT (AXTI)

AXT P/FCF Ratio by Year

AXT P/FCF Ratio 2016: 15.9×

AXT P/FCF Ratio 2014: 49.2×

AXT P/FCF Ratio 2012: 6.4×

AXT P/FCF Ratio 2011: 26.6×

AXT P/FCF Ratio 2010: 71.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

AXT (AXTI) Key Financials